FZILX vs SPY
Fidelity ZERO International Index Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, FZILX or SPY?
Each has led over a different period.
FZILX has a lower expense ratio. FZILX led over 1Y, SPY over 3Y, 5Y and the full window. FZILX is less concentrated, with 15.4% of the fund in its ten largest positions against 38.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FZILX | SPY |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.09% |
| AUM | $13.0B | $823.2B |
| Dividend Yield | 2.33% | 0.99% |
| Holdings | 2,172 | 1,515 |
| YTD Price Return | +12.60% | +12.65%Best |
| 1Y Price Return | +16.67%Best | +16.21% |
| 3Y Price Return (annualized) | +17.57% | +20.89%Best |
| 5Y Price Return (annualized) | +6.25% | +11.71%Best |
| Volatility (annualized) | 15.3%Best | 15.6% |
| Max Drawdown | -32.3% | -25.4%Best |
| $10,000 over 5 years | $13,541 | $17,396Best |
| Top 10 Weight | 15.4%Best | 38.2% |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 2, 2018 | Jan 22, 1993 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FZILX. Both funds are measured the same way, so the comparison holds. FZILX yields 2.33% and SPY 0.99% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 15, 2021 to Oct 13, 2026 (5 years).
FZILX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5 years both funds cover. Prices exclude distributions, on both funds alike.
FZILX vs SPY Performance
Fidelity ZERO International Index Fund (FZILX) is a mutual fund from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FZILX returned +16.67% while SPY returned +16.21%. Year to date, FZILX is up 12.60% versus a gain of 12.65% for SPY.
Over three years, FZILX compounded at +17.57% per year against +20.89% for SPY; over five years the annualized figures are +6.25% and +11.71% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.3% for FZILX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -32.3% for FZILX and -25.4% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FZILX charges 0.00% per year while SPY charges 0.09%. On a $10,000 position that is $0 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, FZILX currently yields 2.33% against 0.99% for SPY.
Structure and taxes
FZILX is a mutual fund and SPY is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
0.1% of SPY's money is in holdings FZILX also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
2 positions in common, counted across the 2,099 positions we hold weights for in FZILX and 504 in SPY, against full books of 2,172 and 1,515.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for FZILX (98.9% of the fund), and 25 for FZILX that do not appear in SPY (2.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of FZILX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FZILX or SPY?
FZILX has an expense ratio of 0.00% while SPY charges 0.09%. FZILX is the cheaper option, by $9 a year on a $10,000 investment.
Which performed better, FZILX or SPY?
Over the past year FZILX returned +16.67% vs +16.21% for SPY, so FZILX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FZILX or SPY?
SPY has been the more volatile fund at 15.6% annualized versus 15.3% for FZILX. Worst drawdown: FZILX -32.3% vs SPY -25.4%.
Should I hold both FZILX and SPY?
FZILX and SPY have a monthly-return correlation of 0.79, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FZILX or SPY?
FZILX yields 2.33% while SPY yields 0.99%, so FZILX currently pays the higher dividend yield.
Is it better to hold FZILX or SPY in a taxable account?
SPY is an ETF and FZILX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is SPY better than FZILX?
FZILX has a lower expense ratio. FZILX led over 1Y, SPY over 3Y, 5Y and the full window. FZILX is less concentrated, with 15.4% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.